 "Reserve Bank of India Governor Shaktikanta Das")
During the Taper Tantrum of 2013, India’s macro stability came under significant pressure. Last year, in contrast, India’s macro stability was unscathed despite the most aggressive global monetary tightening in four decades. What changed in 10 years?
The tantrum that was
This year marks the 10th anniversary of the Taper Tantrum of 2013. In these months a decade ago, at the first hint the Fed would taper the avalanche of liquidity it had injected following the 2008 crisis, global financial markets threw a tantrum, inducing a “sudden stop” of capital flows into emerging markets. The consequence: mayhem across several
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